The
African Development Bank Group (AfDB) and United Bank for Africa Plc (UBA) on
Wednesday November 30, 2016, signed a US$ 150 million loan agreement to finance
infrastructure and SME projects, including women-owned enterprises in Nigeria.
“The
Fund will support development of productive sectors of the economy;
particularly the power sector, Infrastructure, Women owned enterprises as well
as SMEs. This line of credit comes at an opportune time and would boost efforts
at reducing the huge power sector-financing deficit that is limiting energy
supply and complement our support to medium and small scale enterprises while
also promoting gender diversification across the value chain” said Kennedy
Uzoka, UBA Group Managing Director/CEO.
UBA,
one of the largest commercial banks in Nigeria incorporated in 1961, operates
in 19 African countries whilst providing a wide range of products and services.
UBA Nigeria has been the leading financial institution to support various
infrastructure projects, particularly power, telecom, transport and also social
infrastructure such as hospital and education facilities, and received Social
Infrastructure Deal of the Year Award in 2015. UBA Nigeria operates in each of
the country’s 36 states through more than 450 branches supporting 3,700 SMEs
across the country.
AfDB
has remained UBA’s long-term partner in its financing activities. In 2009, AfDB
provided liquidity facilities to deepen its trade finance and other lending
activities, thus contributing to key economic sectors of the Nigerian economy,
particularly at a time when the economy requires critical funding to stimulate
growth and employment.
By
leveraging UBA’s branch network, the Line of Credit will also scale up lending
to SMEs and women enterprises in both urban and rural areas to create more jobs
and to promote inclusive growth for Nigeria’s economy by stimulating the
various sectors such as manufacturing, construction, agriculture, education and
services.
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